TaxTMI 
TaxTMI 
2021 (5) TMI 439
X X X X Extracts X X X X
X X X X Extracts X X X X
....ve been taken into consideration for deciding the above appeals en masse. 3. The grounds of appeal raised by the assessee in ITA No.2744/AHD/2015, for A.Y. 2009-10 is as follows: "1. On the facts and circumstances of the case as well as law on the subject, the learned Commissioner of Income Tax (Appeals) has erred in confirming the action of the Assessing Officer in making addition of Rs. 20,52,475/- u/s.69A of the Act on account of cash deposit in Bank Accounts. 2. It is therefore prayed that above addition made by Assessing Officer and confirmed by CIT(A) may please be deleted. 3. Appellant craves leave to add, alter or delete any ground(s) either before or in the course of hearing of the appeal." 4. The facts of the case which can be stated quite shortly are as follows: The assessee is a Senior Territory Manager who has worked for first ten months of the year with M/s Reliance Life Insurance Co. Ltd. and two months thereafter with M/s Bajaj Alliance Life Insurance Co. Ltd. As per AIR information available with the assessing officer, the assessee has two bank accounts with ICICI Bank, Navsari in which cash of Rs. 26,77,200/- and Rs. 21,71,644/- wa....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... furnished and the case laws relied upon, and perused the facts of the case including the findings of the ld. CIT(A) and other material brought on record. We note that during the appellate proceedings, the assessee made voluminous submissions before the ld CIT(A), which were sent to the assessing officer for comments in the form of remand report. The counter comments of the assessee were also obtained on the comments given by the assessing officer in the remand report. As the cash deposits were claimed to have been made by various investors by the assessee, the assessing officer dealt with each investor and the necessary counter comments were also given by the assessee. Learned Counsel for the assessee relied on the submissions made before the ld CIT(A), during the appellate proceedings. On the other hand, Learned Departmental Representative (in short "the ld. DR") for the Revenue has primarily reiterated the stand taken by the Assessing Officer, which we have already noted in our earlier para and is not being repeated for the sake of brevity. 7. We note that person wise findings as given by the assessing officer as well as the counter comments on these findings by the assessee ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....Letter filed before AO (vide Pb.94), (ix) Surrender Statement (vide Pb.95). (2).In respect of Shri Mehul Patel, the assessee submitted following details: (i) Confirmation Letter (vide Pb.96). (3).In respect of Shri Sarasvati D Patel, the assessee submitted following details: (i) Confirmation Letter (vide Pb.97-98), (ii) Premium Collection receipt (Pb.99), (iii) Proposal form (vide Pb.100-104), (iv) Bankers cheque (vide Pb.105), (v) Letter filed before AO (vide Pb.106), (vi) Surrender Statement (vide Pb.107). (4).In respect of Shri Vicky Poddar, the assessee submitted following details: (i) Confirmation Letter (vide Pb.108). (5).In respect of Shri Vanita D Patel, the assessee submitted following details: (i) Confirmation Letter (vide Pb.109), (ii) Premium Collection receipt (vide Pb.110), (iii) Proposal from (vide Pb.111-115), (iv) Election Commission Identity Card (vide Pb.116-117), (v) Bank Statement (vide Pb.118), (vi) Bankers cheque (vide Pb.119). (6).In respect of Shri Anila Ajitrai Patel, the assessee submitted following details: (i) Confirmation Letter (vide Pb.120), (ii) Premium Collect....
X X X X Extracts X X X X
X X X X Extracts X X X X
....Letter (vide Pb.199), (ii) Premium collection receipt (vide Pb.200), (iii) Proposal form (vide Pb.201-206), (iv) PAN Card (vide Pb.207), (v) Ration Card by Mamlatdar Surat (vide Pb.208-209), (vi) Banker cheque (vide Pb.210), (vii) Surrender Statement (vide Pb.211). (14).In respect of Kiran Rameshbhai Patel, the assessee submitted following details: (i) Confirmation Letter (vide Pb.212), (ii) Premium collection receipt (vide Pb.213), (iii) Proposal form (vide Pb.214-219), (iv) PAN Card (vide Pb.220), (v) Ration Card by Mamlatdar Surat (vide Pb.221-222), (vi) Banker cheque (vide Pb.223), (vii) Letter filed before AO (vide Pb.224), (viii) Surrender Statement (vide Pb.225). (15).In respect of Kalaben Rameshbhai Patel, the assessee submitted following details: (i) Confirmation Letter (vide Pb.226), (ii) Premium collection receipt (vide Pb.227), (iii) Proposal form (vide Pb.228-233), (iv) PAN Card (vide Pb.234), (v) Ration Card by Mamlatdar Surat (vide Pb.235-237), (vi) Banker cheque (vide Pb.238), (vii) Letter filed before AO (vide Pb.239), (viii) Surrender Statement (vide Pb.240). 10. As noted above, assessee has submitted a plethora of documents ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....entifiable the addition should not be made in the hands of assessee. This way, the assessee had fully discharged his onus of explaining the source of deposits in the bank account particularly with evidences, hence there was no reason for the assessing officer to make addition under section 69A of the Act. The assessee was never found to be the owner of the impugned deposits in the said bank accounts particularly in view of the fact that all the said deposits were immediately transferred to the insurance company by wav of insurance premium in the names of the respective insurers and hence there was no question of not recording such investment in the books of accounts of the assessee in as much as there was no investment of the assessee himself. It can be seen from the copies of premium receipts that the mode of payment i.e. demand draft numbers and bank details were mentioned in the premium receipts which showed that the premiums in the names of insurers were paid through the assessee's impugned bank accounts. Therefore, the assessee was only facilitator and was not the owner of the money deposited in his bank accounts. Thus, we note that assessee has submitted for each perso....